The Potential Benefits Of Being An Entrepreneur

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ACCG 308 Week 1 Homework
1. What might be the potential benefits of being an entrepreneur for you personally?

• One of the major advantages of being an entrepreneur is the idea of having financial freedom. Entrepreneur’s salary is based on their effort and thus do not have to worry about what the employer offers them.
• Entrepreneurship offers independence as entrepreneurs make their own decisions and are not restricted by company policy.
• Another key benefit of being an entrepreneur is that it is flexible in terms of scheduling tasks around other commitments.
• Entrepreneurship is primarily a paragon for innovation as it allows entrepreneurs to explore and create ideas and make them in to successful business plans.
• Additionally,
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This is because writing skills are needed in all types of work- related communication including emails, report and marketing strategies. Written messages need to succinct and concise so other employees do not have to waste their time asking for further clarification. Another reason why writing is an essential business skills is because it enhances credibility of the employer and reflects positively on the company’s reputation.

This idea of having effective writing skills coincides with understanding how to evaluate a business plan because it allows businesses to plan their vision, mission statement, short term and long term objectives and focus on the effective and efficient use of organisational resources in enhancing both shareholder and customer value. Additionally, a well-written business plan can also convey investment opportunities to prospective shareholders in relation to the company’s ability to generate sufficient cash flows to meet both current and non-current liabilities. Furthermore, it also allows businesses to plan and think about their investment options and question if they need partnerships for resources and expansion.
4. With reference to the S&J business plan, what does a business plan include?
With reference to the S and J business plan, the following points summarise what a business plan should include in a chronological order. While this structure
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